Choppy Week Sends Wall Street Towards Mixed Close

Tech stole the spotlight once again

Deputy Editor
Sep 15, 2023 at 1:20 PM
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Investors cheered on Wall Street's strong initial public offering (IPO) market this week, helping brush off a slightly hotter-than-expected inflation reading. Traders cycled back into tech stocks but the Nasdaq Composite (IXIC) is sitting at its week-to-date breakeven mark. The Dow Jones Industrial Average (DJI) is on track to nab a weekly win after securing its best session in over a month, while the S&P 500 Index (SPX) is also staring at a big win this week.

Wall Street also paid close attention to rising crude prices, with oil closing above the $90 per barrel mark for the first time this year earlier in the week. It doesn't look like the U.S. economy is out of the woods as far as inflation is concerned, but there's hope that the central bank will lay off interest rate hikes.

Digging Deeper Into Tech

Arguably the most popular story of the week was Arm (ARM) making its debut on the Nasdaq. The semiconductor and software firm's IPO was a success that helped at least two other chip stocks soar on the charts. On the earnings front, Oracle (ORCL) and Adobe (ADBE) both entered the confessional to report quarterly results. Elsewhere, Tesla (TSLA) earned a massive bull note, Warren Buffett's Berkshire Hathaway sold a hefty amount of HP (HPQ) shares, and breaking down Amazon.com's (AMZN) impressive technical setup.

Interest Rate Decision Looming

Looking ahead, the Federal Reserve has a major interest rate decision to make, while some quarterly reports are still due out. Meanwhile, Senior Quantitative Analyst Rocky White highlights some stocks that could face selling pressure soon, and Senior Market Strategist Matthew Timpane warns of a potential post-options expiration swoon. 

 

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